HomeMy WebLinkAboutORD 2899 / , i - " �
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CITY OF RENTON , WASHINGTON
ORDINANCE N0. 2899
AN ORDINANCE OF THE CITY OF RENTON , WASHINGTON� PROVIDING
FOR THE ACQUISITION OF PROPERTY AND THE CONSTRUCTION THEREON
AND EQUIPPING OF A NEW FIRE STATTON NO. 1 TO INCLUDE THE
ADMINISTRATIVE OFFICES OF THE RENTON FTRE DEPARTMENT , THE
CONSTRUCTION AND EQUIPPING OF A NEW FIRE STATION NO, 3 TO
BE LOCATED IN SOUTH RENTON ON PROPERTY TO BE ACQUIRED BY
THE CITY AND THE ACQUISITION OF NEW FIRE FIGHTING EQUIPMENT ,
INCLUDING AN AERIAL LADDER TRUCK, TWO PUMPERS AND AN AID
UNIT; DECLARING THE ESTIMATED COST THEREOF AS NEARLY AS MAY
BE ; PROVIDING FOR THE BORROWING OF A TOTAL OF $2 , 020 , 000. 00
� AND ISSUING AND SELLING NEGOTIABLE GENERAL OBLIGATIQN BONDS
TO PAY THE COST OF SUCH ACQUTSTTTONS , SUCH BONDS Tq BE
PAYABLE BY ANNUAL TAX LEVIES TO BE MADE WITHOUT LIMI'�ATION
AS TO RATE OR AMOUNT; DECLARING AN EMERGENCY ; AND PROVIDING
FOR THE SUBMISSION OF THE PROPOSITION OF TNCURRING SUCH
INDEBTEDNESS AND ISSUING SUCH BONDS TO THE QUALIFIED VOTERS
OF THE CITY AT A SPECIAL ELECTION TO BE HELD THEREIN ON
FEBRUARY 4 , 1975 .
WHEREAS , the City is in urgent need of acquiring property and
constructing thereon and equipping a new Fire Station No. 1 to include
the administrative offices of the Renton Fire Department , constructing
and equipping a new Fire Station No . 3 to be located in South Renton
on property to be acquired by the City and acquiring new fire fighting
equipment , including an aerial ladder truck , two pumpers and an aid
unit , and the City does not have available sufficient funds to meet
the estimated cost of such acquisitions ; and
WHEREA5 , the assessec� valuation of the taxable property of
the City of Renton as ascertained by the last assessment for City '
purposes for the calendar year 1974 is $294 , 840, 525 . 00 and at the time
of the passage of this ordinance the existing outstanding general
indebtedness of the City consists of $1 ,480 , 000. 00 par value of general
obligation bonds issued within the limit up to 3/4 of lo of the value
of �axable property within the City permitted without a vote of '
electors , and $70, OOOa00 par value of general obligation bonds issued
within the limit of 2-1/2% of the value of taxable property within the
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C.ity permitted pursuant to a vote of the electors within the City for
general municipal capital purposes , and the amount of the indebtedness
for which bonds are herein authorized to be issued is $2 , 020 , 000. 00; '
NOW, THEREFORE , I
BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE I�'i
CITY OF RENTON , WASHINGTON , AS FOLLOWS : �I
SECTION I : The City of Renton , Washington , shall acquire I
property and construct thereon and equip a new Fire Station No . 1 to
include the administrative offices of the Renton Fire Department ,
construct and equip a new Fire Station No . 3 to be located in South
Renton on property to be acquired by the City and acquire new fire
fighting equipment , incZuding an aerial ladder truck, two pumpers and
and aid unit , the estimated cost of which is hereby declared to be as
nearly as may be the sum of $2 , 020y000� 00e
SECTION II : The City of Renton , Washington , shall bor.row
the total sum of $2 , 020f000� 00 on the credit of the City and issue
and sell its negotiable general obligation bonds therefor for strictly
municipal capital purposes other than the replacement of equipment,
to-wit ; for the purpose of providing the funds required to carry out
the acquisitions specified in Section .I hereofo
SECTION 12� : The general obligation bonds herein authorized
to be issued shall be serial in form and shall bear interest at a
maximum effective rate not to exceed 8% per annum, which except for
the first interest coupon shall be payable semiannually , and shall
mature in from two to not more than fifteen years from date of issue ,
the life of the improvements to be acquired by such bonds being at
least fifteen years , in such amounts as nearly as practicably annually
as will result in a difference of not more than $5 , 000. 00 between the
highest and lowest annual payment of principal and interest , excluding
Ithe first two years from date of issue , computed on such anticipated
effective interest rate as the City Council of the City shall in its
discretion determine will be borne by such bonds and shall be paid by I
annual tax levies sufficient in amount to pay both principal and
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interest when due , which annual tax levy shall be made without
limitation as to rate or amount, and the bonds shall so provide. The
bonds shall be redeemable at the option of the City at such times as
shall be hereafter determined by ordinance , The date of issue ,
interest rate or rates , maturities , form and covenants of such bonds
shall be hereafter fixed by ordinance of the City Council of the City ,
and the bonds shall be issued and sold when the proceeds thereof may
be required.
SECTION IV: The City Council finds that an emergency exists
requiring the acquisition, construction and equipping of the fire
fighting facilities aforesaid, and that as a result of the exis�ence
of such an emergency , it is necessary to call a special election and
a special election is , therefore , hereby called to be held in the City
of Renton as provided by law on the 4th day of February, 1975 , at
which there shall be submitted to �he quali.fied voters a� the City
for their ratification or rejection the following proposition in the
form of a "ballo�t title" as follows :
Shall the City incur a qeneral indebtedness and
issue and sell not to exceed $2 , 020p000. 00 of
general obligation bonds to pay the cost of
acquiring property and constructing thereon and
equipping a new Fire Station No . 1 to include the
administrative offices of -the Renton Fire Depart-
ment , constructing and equipping a new Fire Station
No. 3 to be located in South Renton on property �o
be acquired by the City and acquiring new fire
fightinq equipment , including an aerial ladder
truck, two pumpers and an aid unit , such bonds to
be paid by annual tax levies to be made without
limitation as to rate or amount and to mature in
from two to not to exceed fifteen years from date
of issue , as provided in Ordinance No. ,
passed December , 1974 .
BONDS . . . YES / / BONDS . . . NO / /
I The Director of Records and Elections of King County,
Washington , as ex-officio Supervisor of Elections , is hereby requested I
to concur in the finding of such emergency and to call and conduct
such special election in the manner required by law. The City Clerk
shall deliver to the Director of Records and Elections of King County ,
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a
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Washington, as ex-officio Supervisor of Elections , at least forty-
five days prior to the requested election date, a certified copy of
this ordinance showing its passage and including the ballot title
herein set forth.
PASSED BY THE CITY COUNCIL at a regular open pubiic meeting
thereof this 16th day of December, 1974 .
Delor����.,�C 'it_y Clerk
APPROVED BY THE MAYOR this 16th day of December, 1974.
e ar tt, Mayor
Approved as to form:
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G�rard M. She11an, City Attorney .
Date of Publication: 12-20-�4
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